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Clover Pakistan swings to loss in fiscal Q2

Clover Pakistan Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was a loss of 2 Pakistani paisa per share, compared with 18 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 175,000 rupees, compared with income of 1.7 million rupees in the prior-year period.

Total revenue declined 99.9% year over year to 8,000 rupees from 9.0 million rupees, and total operating expenses declined 95.4% from the prior-year period to 285,000 rupees from 6.2 million rupees.

Reported net income came to a loss of 968,000 rupees, or a loss of 10 paisa per share, compared to income of 2.1 million rupees, or 23 paisa per share, in the prior-year period.

As of Feb. 23, US$1 was equivalent to 104.75 Pakistani rupees.